No...this ability is already built into iOS7. It MUST have the username and password for the iTunes account that it was initially set up under no matter where it winds up in the world in order to wipe it and set it back up.
Or starts taking pictures and sending them somewhere. Automatically connects to unsecured WiFi if needed to make transmissions. Tracking info sent as well. Get audio recordings and send them too..... A cool "911" pin would be nice though.